Financial Accounts of the United States - Z.1

S129.3.s State and local government employee pension funds 🕮 PDF
Line Description Series 2023 2024 2025 2025:Q1 2025:Q2 2025:Q3 2025:Q4 2026:Q1 2026:Q2
Line 1 Total financial assets(1) FL224090005 9479.0 9836.2 10153.3 9883.9 9996.3 10080.1 10153.3 10223.6 10335.3
Line 2 Checkable deposits and currency FL223020043 24.7 50.0 39.3 40.1 30.1 37.0 39.3 38.3 38.4
Line 3 Time and savings deposits FL223030043 2.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Line 4 Debt securities LM224022045 1134.7 1269.6 1381.7 1301.2 1266.5 1361.2 1381.7 1429.4 1419.3
Line 5 Open market paper FL223069143 12.1 12.6 13.7 11.8 12.4 13.0 13.7 6.4 6.8
Line 6 Treasury securities LM223061143 411.1 475.7 551.7 491.7 490.8 519.2 551.7 569.3 561.6
Line 7 Agency- and GSE-backed securities LM223061743 162.2 181.4 205.7 184.4 206.7 220.3 205.7 220.3 216.3
Line 8 Municipal securities LM223062043 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Line 9 Corporate and foreign bonds LM223063045 549.4 599.9 610.6 613.2 556.7 608.7 610.6 633.4 634.6
Line 10 Loans FL224035045 65.2 115.9 182.2 115.1 116.2 148.0 182.2 229.8 221.5
Line 11 Security repurchase agreements FL222051043 60.3 110.7 177.2 109.9 110.9 142.8 177.2 224.6 216.3
Line 12 Mortgages FL223065043 4.9 5.2 5.0 5.2 5.3 5.2 5.0 5.2 5.2
Line 13 Corporate equities LM223064145 3223.0 3434.5 3855.2 3384.5 3641.1 3797.1 3855.2 3657.2 4065.8
Line 14 Money market fund shares FL223034005 21.7 28.4 34.9 27.0 33.3 35.4 34.9 37.2 36.6
Line 15 Mutual fund shares LM223064205 456.0 453.7 547.2 440.0 504.6 525.1 547.2 522.2 575.0
Line 16 Hedge fund shares LM223064743 411.7 443.4 513.7 449.8 473.3 492.7 513.7 529.0 591.3
Line 17 Private debt fund shares LM223064540 166.2 191.0 195.2 192.7 195.5 194.2 195.2 186.9 186.0
Line 18 Miscellaneous assets FL223090005 3973.4 3849.6 3403.8 3933.7 3735.6 3489.4 3403.8 3593.7 3201.3
Line 19 Unallocated insurance contracts(2) FL223095505 280.5 295.4 310.7 298.0 302.3 307.6 310.7 312.6 319.3
Line 20 Claims of pension fund on sponsor(3) FL223073045 3125.6 3005.9 2526.6 3138.8 2831.2 2641.5 2526.6 2773.6 2353.7
Line 21 Other FL223093005 567.2 548.4 566.5 496.9 602.1 540.3 566.5 507.5 528.4
Line 22 Pension entitlements (liabilities)(4) FL224190005 9631.1 9982.2 10298.9 10029.6 10139.2 10224.8 10298.9 10346.5 10460.0
 
Memo:
Line 23 Pension entitlements of defined benefit plans FL224190043 8942.7 9253.6 9491.6 9313.1 9372.6 9432.1 9491.6 9551.1 9610.6
Line 24 Funded by assets(5) FL222000075 5817.1 6247.7 6965.0 6174.3 6541.4 6790.6 6965.0 6777.5 7256.9
Line 25 Unfunded (line 18) FL223073045 3125.6 3005.9 2526.6 3138.8 2831.2 2641.5 2526.6 2773.6 2353.7
 
Total financial assets
Line 26 Defined benefit plans(6) FL224090045 8790.5 9107.6 9346.0 9167.4 9229.7 9287.4 9346.0 9428.3 9485.9
Line 27 Defined contribution plans(7) FL224090055 688.4 728.6 807.3 716.5 766.6 792.7 807.3 795.4 849.4

Notes:

  1. Includes claims on sponsor (i.e., unfunded pension entitlements).
  2. Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts.
  3. Unfunded defined benefit pension entitlements. Negative values indicate overfunding.
  4. Actuarial value of projected pension entitlements. These liabilities are assets of the household sector.
  5. Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor.
  6. Additional detail on defined benefit plans is available on table S129s1.3.s.
  7. Additional detail on defined contribution plans is available on table S129s2.3.s.
Last Update: September 11, 2026